Microsoft’s Bing team took the wraps off of a new location-sharing application for Windows Phone on Thursday called “We’re in.” The application is similar to foursquare and Latitude in some respects, and yet still very different. The idea is simple: you can create an invitation that will allow your friends to share their location for a specified amount of time. Say, for example, you want to share your location and see where four of your friends are, for one hour, while you all head towards a local restaurant. You can create a quick event with “We’re in” and then send it to those friends. Once they accept, their pictures and locations will appear on Bing Maps. If you hit traffic or the train is late, you and your friends can update your status as you make your way to the restaurant. Unlike Latitude, which some people avoid for fear of location privacy issues, you can always leave the party. Better yet, when the allotted time is up, your location is automatically turned off. The application is available in the Zune Marketplace now and Microsoft says it plans on delivering it to other platforms soon, too.